With $150M in new funding, Endpoint plans to expand – HousingWire
The title startup is backed by parent company First American
Endpoint, a platform that provides buyers, sellers and agents with a completely digital way to close on properties, announced Tuesday that it has secured an additional $150 million in funding. The funding came from parent company First American Financial Corporation.
Since its founding in 2018, Endpoint has raised $220 million in capital. The company last announced a funding raise in November 2020, when it secured $40 million from First American. The Los Angeles-based startup was designed and developed in a collaboration with BCG Digital Ventures, a global corporate venture, investment and incubation arm of the Boston Consulting Group.
The mobile-backed platform uses artificial intelligence to streamline document submissions and speed up the closing process, freeing up title and escrow agents to handle exceptions and take care of consumers.
Since officially launching in November 2019, Endpoint claims to have helped real estate professionals close more than $2.5 billion in transactions to date.
“Endpoint’s impressive growth reflects First American’s commitment to leading the digital transformation of title and settlement,” Dennis Gilmore, the CEO of First American, said in a statement. “This next phase of investment will further accelerate our overall efforts to improve the process of transacting real estate.”
In the past year Endpoint has doubled its employee base and expanded its coverage into Northern California and Texas, in addition to growing current operations in Washington, Arizona and Southern California.
The company is currently looking to fill nearly 80 job openings, including those for escrow officers, software engineers, title officers and business development managers.
In a statement, Endpoint said that the new funds would go towards filling some of these openings, as well as further investing in title automation and expanding capabilities for Proptech companies.
Endpoint charges a flat escrow rate that covers fees for recording services, mobile notary, document prep and wire services. The rate ranges from $550 per side in Texas to $1,000 per side in Washington and California, regardless of the price of the home.
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